GBP/USD Technical Analysis: Once again fails near 100-hour SMA, 1.2670-75 supply zone

Haresh Menghani FXStreet

• For the second consecutive session, the pair struggled to build on its intraday positive momentum and started retreating from 100-hour SMA hurdle near the 1.2670-75 region.

• Technical indicators on hourly/daily charts have been recovering from the bearish territory but are still far from supporting prospects for any further near-term positive move.

GBP/USD 1-hourly chart

• Looking at the daily chart, the pair has been oscillating within a broader trading range over the past 1-1/2 week, suggesting indecision over the near-term trajectory.

• Hence, it would be prudent to wait for a decisive break through the mentioned trading band before traders start positioning for the pair's next leg of a directional move.

Daily chart

GBP/USD

Overview:
    Today Last Price: 1.2654
    Today Daily change: 0.0 pips
    Today Daily change %: 0.00%
    Today Daily Open: 1.2654
Trends:
    Previous Daily SMA20: 1.2663
    Previous Daily SMA50: 1.28
    Previous Daily SMA100: 1.29
    Previous Daily SMA200: 1.3199
Levels:
    Previous Daily High: 1.2676
    Previous Daily Low: 1.2616
    Previous Weekly High: 1.2708
    Previous Weekly Low: 1.2574
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.2653
    Previous Daily Fibonacci 61.8%: 1.2639
    Previous Daily Pivot Point S1: 1.2622
    Previous Daily Pivot Point S2: 1.2589
    Previous Daily Pivot Point S3: 1.2562
    Previous Daily Pivot Point R1: 1.2681
    Previous Daily Pivot Point R2: 1.2708
    Previous Daily Pivot Point R3: 1.274

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

GBP/USD weakens to two-week lows near 1.3520

GBP/USD trades on the back foot, returning to the low 1.3500s, or two-week troughs, on Tuesday. Cable’s bearish price action follows decent gains in the Greenback at the time when investors assess latest US data releases and the persistent uncertainty in the US-Iran crisis.

EUR/USD remains offered; breaks below 1.1600

EUR/USD now accelerates its daily correction, breaching below the key 1.1600 support level on Tuesday. The pair’s daily correction comes on the back of a decent bounce in the US Dollar despite disappointing US data releases and amid persistent geopolitical concerns.

Gold flirts with multi-week lows near $4,300

Gold accelerates its correction and recedes toward the key $4,300 mark per troy ounce on Tuesday. The yellow metal’s persistent decline comes in response to the solid performance of the US Dollar and a sharp move higher in US Treasury yields across the curve.

Bitcoin and Gold Outlook: Bitcoin broadly consolidates, Gold falls as US JOLTS Job Openings rise

Bitcoin (BTC) maintains sideways trading around the immediate $78,000 support on Tuesday. The Crypto King outlook shows signs of cooling after the recent rally above $81,000. However, its downside remains protected, with major moving averages providing support and steady capital inflows absorbing some selling pressure.

Global bond market sell off haunts markets

Global sovereign bonds are selling off as we start a new month. The UK is, unsurprisingly, taking the biggest hit. Two and 10-year yields rose by 10 basis points at one point on Tuesday, and are currently higher by 7 and 8bps respectively.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.